Morocco’s phosphate giant “OCP Group” announced robust financial results for the second quarter of 2024, with revenues surging by 23% to MAD 23.6 billion (USD 2.4 billion) thanks to “favorable market conditions.”
In a quarterly report, the company says that the increase in revenue reflects a notable recovery in demand across several key importing regions, coupled with stable phosphate product prices.
OCP’s performance in the first half of 2024 was also strong, with total revenues climbing to MAD 43.25 billion (USD 4.4 billion), up 15% from MAD 37.56 billion (USD 3.8 billion) reported in the first half of 2023.
According to the company, the robust financial performance “underscores OCP’s resilience in navigating market challenges, while capitalizing on strong fundamentals and sustained demand for its products.”
In line with its commitment to sustainability and long-term growth, OCP significantly increased its capital expenditures during Q2 2024. The company invested MAD 10.4 billion (USD 1 billion) in this quarter alone, compared to MAD 6.39 billion (USD 652 million) a year earlier.
The investments aim to expand OCP’s production capacity, enhance its sustainability initiatives, and further solidify its position as a key player in the global phosphate market.
The Group plans to release its detailed first-half financial results in September 2024, providing further insights into its performance and future outlook, the statement explains.